A SELL-OFF IN INDEX HEAVYWEIGHT RELIANCE INDUSTRIES (RIL) TRIGGERED A SHARP FALL ON THE BOURSES IN THE LAST ONE HOUR OF TRADE TODAY. POWER, REALTY AND CAPITAL GOODS STOCKS DROPPED. HOWEVER, IT STOCKS HELD FIRM.SENSEX POSTED ITS BIGGEST WEEKLY FALL IN MORE THAN EIGHT MONTHS. THE BENCHMARK INDEX LOST 9.4% IN THE WEEK ENDED FRIDAY, 10 JULY 2009. THE MARKET SURGED IN MID-AFTERNOON AFTER PLANNING COMMISSION DEPUTY CHAIRMAN MONTEK SINGH AHLUWALIA SAID THE RISE IN INDUSTRIAL PRODUCTION IN MAY 2009 IS NOT A SURPRISE AND THE WORST IS OVER FOR INDUSTRIAL OUTPUT. A TOTAL REVERSAL OF TREND WAS WITNESSED LATER AS THE MARKET SLUMPED IN LATE TRADE.
TODAY MARKET WOULD BE NEGATIVELY BIASED AND MAY SEE NIFTY TO REMAIN IN NEGATIVE FOR THE MOST OF THE DAY AND IF IT BREAKS BELOW 3940 LEVELS NIFTY WILL KISS 3891 LEVELS SOON AND BREAK BELOW THIS LEVEL MAY TAKE NIFTY TO THE MOST UNEXPECTED LEVELS AND ONE CAN ONLY REMAIN LONG ONLY ABOVE 4072. IT LOOKS STRONG
TODAY MARKET WOULD BE NEGATIVELY BIASED AND MAY SEE NIFTY TO REMAIN IN NEGATIVE FOR THE MOST OF THE DAY AND IF IT BREAKS BELOW 3940 LEVELS NIFTY WILL KISS 3891 LEVELS SOON AND BREAK BELOW THIS LEVEL MAY TAKE NIFTY TO THE MOST UNEXPECTED LEVELS AND ONE CAN ONLY REMAIN LONG ONLY ABOVE 4072. IT LOOKS STRONG
SELL ABB 679 SL 693 TGT 652/639/620
RELINFA BELOW 1015 SL 1040 TGT 950
SELL ABAN BELOW 655 SL 679 TGT 633/620
